No. We have a long-term lease on the 914 Virginia Street building (and the garage) through July 2030.
The lease gives us advantageous rental rates and security through 2030.

We attempted to purchase our current building, and worked with the owner for over a year to try and find a mutually-agreeable price. Ultimately, the current property is highly valuable for development purposes and was cost-prohibitive.

The property at 1300 Madison is ideal for the school. It is the right size (our current building is 21,000 sq. ft. over three floors, the new property is 20,000 sq. ft. on one floor), includes ample parking below grade (74 parking spaces), maintains an urban community for the school, has excellent mass transit connections and access to neighborhoods city-wide and will give us the opportunity to create a large, beautiful roof-top playground.

The school has been planning for the future in many ways, including saving for a building purchase. The school was able to make the close on the property by using $2,400,000 in saved funds and $700,000 in additional loans from families in our community. We are very lucky that the seller agreed to a small down payment ($3,000,000) and seller financing for the remaining $12,100,000. It was with the help of many families, years of astute board work, commitment from alumni families and the support of the seller that this purchase, and our dream of a forever home, was made possible.

It is financially advantageous to the school to spread the cost of this purchase, redevelopment and move over a long time horizon. Our current rent is below market rate, the 1300 Madison property is income-producing, and we will be able to pay down the property loan over the next nine years. In addition, this will give families plenty of time to prepare for a move and understand the future location of the school.

There are two long-term tenants in the building: Salal Credit Union and ATI Physical Therapy. A third tenant, Seattle Academy, started their lease in March of 2020 and moved into the remaining space upon completion of their tenant improvement. We are thrilled to partner with another school to support their campus planning while we plan for our future campus plan. Seattle Academy will use this space for classrooms and offices as a part of their ongoing campus redevelopment.